Asian stocks extended gains on Friday, tracking the Wall Street’s tech-led gains that shrugged off the surprise contraction in the U.S. economy in the first quarter of 2022. The good showing was also attributed to optimism over likely policy support from Beijing to support the economy, amidst the severe Covid curbs. Hang Seng led the gains with a 4 percent surge. Japanese markets are closed for a holiday.
China’s Shanghai Composite Index recovered 71 points or 2.41 percent to finish at 3,047.06. The day’s trading ranged between 2,968.33 and 3,048.49. The Shenzhen Component Index surged 3.55 percent to close at 11,005.88.
The Hang Seng Index of the Hong Kong Stock Exchange gained 834 points or 4.11 percent from the previous close to finish trading at 21,110.00.
Korean Stock Exchange’s Kospi Index added 28 points or 1.03 percent to close at 2,695.05. The day’s trading range was between 2,664.06 and 2696.10.
Australia’s S&P/ASX200 closed trading at 7,435.00 after gaining 78 points or 1.06 percent.
Gambling business PointsBet Holdings which surged closed to 11 percent after declaring quarterly results was the best performing scrip in the index. Nickel Mines added 7.4 percent. Uranium miner Paladin Energy that lost heavily on Thursday, diversified financial business Zip Co and software business Tyro Payments, all gained more than 6 percent.
Real estate business Unibail-Rodamco-Westfield dropped 4.4 percent. Domino’s Pizza Enterprises as well as healthcare equipment maker Resmed also lost more than 4 percent. Healthcare company Pro Medicus declined 2.8 percent whereas mining stock Sandfire Resources shed 1.9 percent.
The NZX50 of the New Zealand Stock Exchange added 8 points or 0.07 percent to close at 11,884.30. Trading ranged between 11,852.82 and 11,928.70.
Software business Pushpay Holdings was the top gainer with a 5.6 percent rally. Synlait Milk, A2 Milk and software company Serko, all gained more than 2 percent. Healthcare provider Arvida added 1.86 percent.
Fonterra Shareholders Fund shed 3.72 percent. Precinct Properties NZ and Kiwi Property, both lost more than 2 percent. Restaurant Brands NZ and Oceania Healthcare, both declined around 1.9 percent.
The Wall Street had closed with strong gains on Thursday as upbeat earnings eclipsed worries about the surprise contraction in the U.S. economy. Data released Thursday had shown the American economy contracting at an annualized 1.4 percent on quarter in the first quarter of 2022, versus market forecasts of a 1.1 percent expansion. Nasdaq-100 surged 3.5 percent to close at 13,456.06 and the Dow Jones Industrial Average gained 1.85 percent to end at 33,916.39.
Business News
Asian Markets Gain As Tech Stocks Lift Wall Street
2022-04-29 08:20:08
